Business & Finance
Mon, November 30, 2009Sun, November 29, 2009Sat, November 28, 2009Fri, November 27, 2009Thu, November 26, 2009Wed, November 25, 2009Tue, November 24, 2009Mon, November 23, 2009Fri, November 20, 2009Thu, November 19, 2009Wed, November 18, 2009Tue, November 17, 2009Mon, November 16, 2009Sun, November 15, 2009Fri, November 13, 2009Red Pine Exploration Announces Private Placement Offering
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Published in Business and Finance on Friday, November 20th 2009 at 7:08 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
TORONTO, ONTARIO--(Marketwire - Nov. 20, 2009) - Red Pine Exploration Inc. ("Red Pine" or the "Company") (TSX VENTURE:RPX) announces its initiation of a brokered and non-brokered offering for gross proceeds of $2,530,000.
The Company intends to raise, on a best efforts basis, up to $1,530,000 through the issuance of 17,000,000 Flow-Through Units and up to $1,000,000 through the issuance of 12,500,000 Non-Flow-Through Units, for gross total proceeds of up to $2,530,000.
Flow-Through Units are offered at $0.09 per unit. Each Flow-Through Unit entitles the subscriber to receive one Flow-Through Common Share of the Company plus one-half of one Non-Flow-Through Purchase Warrant. Each full Non-Flow-Through Purchase Warrant is exercisable for one common share of the Company at an exercise price of $0.15 for 24 months from the date of issue.
Non-Flow-Through Units are offered at $0.08 per unit. Each Non-Flow-Through Unit entitles the subscriber to receive one common share of the Company plus one Non-Flow-Through Purchase Warrant, which is exercisable for one common share of the Company at an exercise price of $0.15 for 24 months from the date of issue.
The Company intends to use the proceeds from the sale of the Flow-Through Units for exploration on its gold properties located in the Timmins Region of Ontario and the proceeds from the sale of the Non-Flow-Through Units for exploration and general corporate purposes.
In connection with the offering the Company has agreed to pay compensation as follows: Commission of up to 7% and broker warrants of up to 7% of gross proceeds raised.
The Company intends to close this offering in late November 2009. All securities to be issued in connection with this offering will be subject to a statutory four-month hold period from the date of issue. Completion of the offering remains subject to regulatory approval.
WARNING: The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.
